Artificial Intelligence Will Widen The Gap Between Rich And Poor

Globally, the economic divide is growing. The rich are getting richer and the poor are getting poorer. In Australia, more than a quarter of households have recently experienced a decrease in income. The reasons for the growing economic divide are many and complex. They include factors such as job insecurity, wage cuts and underemployment. Underemployment and unemployment are being affected by growing use of artificial intelligence in the workplace. As technology rapidly progresses, more jobs will be affected. For many low-skilled workers, technology can now perform the functions of these employees, leaving them out of work. On the other end of the spectrum, high-skilled workers such as those in the engineering, legal and medical fields, are complemented by technology, and increased demand in their work has led to an increase in wages. Machines, robots, and other forms of artificial intelligence are expected to continue to carry out increasing levels of tasks normally carried out by humans. PwC has projected that this will boost global GDP by around 14 percent by 2030. Artificial intelligence is anticipated to contribute $15.7 trillion to the world’s economy over the next decade, primarily by increasing productivity and increasing consumption; as shoppers have extra time to…

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